November 7, 2011 ~ Charles Hugh Smith. from Of Two Minds
[Extract – edited]
Our financial system is like a fast-mutating cancer that evades any control and is still perfecting its ability to game and loot… the current global financial system will implode: it is intrinsically fraudulent and acts as a financial cancer, evading the “immune system” of regulation and perfecting its ability to exploit and loot the last remaining pockets of low-risk capital… (more)
Charles’ article focuses more on the fraud.
I would rather draw attention to the extend that the Regulatory(and political) system has been co-opted, compromised, corrupted and captured.
At what point does a system that has been subverted; become counter productive, injurious, metastasized – AND – IRREDEEMABLE. Such that the only solution left is Recision.
The Regulations and the Regulators ARE the problem. They Will-not and Can-not enforce the rules. When the rules become unwelcome and onerous to the financial powers, they are either laid aside or ignored. With the collusion of a corrupted political system. i.e. the rules are changed when they don’t suit TPTB any more.
The fascinating aspect is that none of the big Playerz basically think that they are corrupted or doing anything wrong – which of course is a big part of the problem, anything to do with their own self interest is just one huge blind-spot for them… Hey, they are doing fine – what could possibly be wrong?
What could be wrong? Well, to quote a bit of a famous line: Don’t get high on your own supply. And also, don’t start believing your own propaganda.
But there is such a tight collusion between the Media, Corporatism, Academia, Politics and Government that they are all just caught in a self-reinforcing feedback loop. Working to validate and legitimise each other, even when it has become patently obvious that the system is failing. But for one to fall means that they all would fall, and so that must be resisted with every exertion.
From inside the bubble it all seems fair enough and reasonable of course. Afterall, their world-view and systems have worked well enough to date – to advantage them. What could possibly be wrong?
But of course – that is the way of all CANCERS – they eat alive the body that hosts them, while resisting every attempt at control and limitation.
They grow and consume – it is their mantra – literally.
Their survival depends on it.
For the rest of us – our survival depends on removing them.
Funnily enough, some-one else thinks so too.
Al-Jazeera: Someone got rich and someone got sick.
Beware of Growth ~ Chip Ward.
Getting the economy growing has been the refrain of the Obama administration and the justification for every bad deal, budget cut and unbalanced compromise it’s made.
The desperate effort to grow the economy to solve our economic woes is what keeps Timothy Geithner at the helm of the Treasury and is what stalls the regulation of greenhouse gasses. It’s why we are told we must sacrifice environmental quality for pipelines and why young men and women are sacrificed to protect access to oil, the lubricant for an acquisitive economic engine.
“There’s only so much fertile soil or fresh water available, only so many fish in the ocean, only so much CO2 the planet can absorb.“
The financial empire of the one percenters and the political order it has shaped are predicated on easy and relentless growth. How, we are asked, will there be enough for everyone if we don’t keep growing?
The fundamental contradiction of our time is this: We have built an all-encompassing economic engine that requires unending growth. A contraction of even a per cent or two is a crisis, and yet we are embedded in ecosystems that are reaching or have reached their limits…